Commercial Bank Procures Money Counters

Commercial Bank Procures Money Counters

Feb 15 , 2020. By SEBLE WONDEMAGEGN ( FORTUNE STAFF WRITER )

Commercial Bank of Ethiopia (CBE), the state banking giant, procured cash counting machines from a Korean company for close to 80.2 million Br.

Ebanking Technology Co. Ltd, a Korean banknote counter manufacturer that has previously supplied machines to 12 banks including Awash, Abay, Lion, and Development Bank of Ethiopia, supplied the cash counting machines.

So far, the company has supplied 1,900 of the machines, while the remaining are being loaded from the ports and are expected to be delivered in mid-March 2020, according to Ermiyas Alemayheu, an assistant technical manager at Impact Technology Plc.

Ebanking, which is also known for supplying ICT equipment including computers, laptops, cash counting machines, generators and forex counterfeit detection machines, delivered the machines through its local partner, Impact Technology. It supplied the machine with a unit price of 300 dollars.

The bank floated the bid for the purchase of the machines on November 13, 2018, with a closing date of December 27, 2018. And Ebanking, which was deemed qualified both in technical and financial evaluations, was awarded the contract on August 15, 2019.

The model Ebanking supplied has different features such as colour screens that display the date and time when it is on standby mode. It counts Birr notes other than 100 Br denominations, unlike other counting machines. The machines also bear the logo of the Bank and its preferred colour.

In 2015, Ebanking Technology supplied 3,764 cash counting machines to CBE through Impact Technology.

The Bank is buying the machines due its aggressive branch expansion, according to Yeabsera Kebede, corporate communications acting director at the Bank, which mobilised 31.8 billion Br in deposits in the first half of this fiscal year.

The machines will be additions to the existing cash counting apparatuses in the 1,557 branches of the Bank.

Currently, CBE has 2.5 million account holders and the number of mobile banking users reached 3.5 million, while Automated Teller Machine (ATM) cards and CBE Birr users reached 6.1 million and 2.6 million, respectively.

Hailemariam Kebede (PhD), a lecturer at Addis Abeba University’s School of Commerce, believes that having enough cash counting machines will make the service easier and saves customers from being frustrated by unnecessary waiting at the customer service windows.

“Having its own brand is a good thing, because it will take the customer service and physical appearance of the Bank one step forward,” said Hailemariam.

Hailemariam also recommends that the Bank work on system infrastructure like ATM terminals in an effort to boost customer service.

PUBLISHED ON Feb 15,2020 [ VOL 20 , NO 1033]

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